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Morningstar (MORN) Financials

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$192.57 -0.55 (-0.28%)
Closing price 04:00 PM Eastern
Extended Trading
$192.70 +0.13 (+0.06%)
As of 04:25 PM Eastern
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Annual Income Statements for Morningstar

Annual Income Statements for Morningstar

This table shows Morningstar's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 133 161 137 183 152 224 193 71 141 370 374
Consolidated Net Income / (Loss)		 133 161 137 183 152 224 193 71 141 370 374
Net Income / (Loss) Continuing Operations		 133 161 137 183 152 224 193 71 141 370 374
Total Pre-Tax Income 		194 225 181 233 199 283 251 131 182 491 499
Total Operating Income		 191 181 170 216 190 215 257 168 231 485 527
Total Gross Profit		 459 454 525 609 696 833 1,001 1,091 1,195 1,379 1,493
Total Revenue		 789 799 912 1,020 1,179 1,390 1,699 1,871 2,039 2,275 2,446
Operating Revenue		 789 799 912 1,020 1,179 1,390 1,699 1,871 2,039 2,275 2,446
Total Cost of Revenue		 330 344 387 411 483 556 698 779 844 896 953
Operating Cost of Revenue		 330 344 387 411 483 556 698 779 844 896 953
Total Operating Expenses		 268 274 355 393 506 618 744 924 965 895 966
Selling, General & Admin Expense		 107 105 130 148 211 272 318 400 356 327 334
Marketing Expense		 97 98 134 149 178 206 275 357 424 441 467
Depreciation Expense		 64 71 91 97 118 140 151 167 185 190 190
Other Operating Expenses / (Income)		 - - - - - - - - 0.00 0.00 -2.20
Other Special Charges / (Income)		 - - - - - - - 0.00 0.00 -64 -23
Total Other Income / (Expense), net		 3.10 44 11 17 7.70 66 -6.50 -37 -49 6.50 -28
Interest & Investment Income		 1.30 0.30 -3.60 3.80 11 21 -7.80 -28 -52 -38 -29
Other Income / (Expense), net		 1.80 44 15 13 -3.10 45 1.30 -8.80 2.60 44 1.00
Income Tax Expense		 63 64 43 48 46 60 63 57 33 104 122
Other Gains / (Losses), net		 1.80 -0.20 -1.30 -2.10 -0.90 0.30 5.40 -3.60 -7.40 -17 -3.30
Basic Earnings per Share		 $3.00 $3.74 $3.21 $4.30 $3.56 $5.22 $4.50 $1.65 $3.31 $8.64 $8.93
Weighted Average Basic Shares Outstanding		 44.20M 43M 42.70M 42.60M 42.70M 42.90M 43M 42.60M 42.60M 42.80M 41.90M
Diluted Earnings per Share		 $3.00 $3.72 $3.18 $4.25 $3.52 $5.18 $4.45 $1.64 $3.29 $8.58 $8.87
Weighted Average Diluted Shares Outstanding		 44.30M 43.30M 43M 43M 43.20M 43.20M 43.40M 42.90M 42.90M 43.10M 42.20M
Weighted Average Basic & Diluted Shares Outstanding		 44.20M 43M 42.60M 42.60M 42.85M 42.90M 42.96M 42.48M 42.73M 42.84M 39.58M
Cash Dividends to Common per Share		 $1.55 $1.77 $1.86 $2.03 $2.26 $2.42 $2.57 $2.90 $3.03 $3.29 $3.69

Quarterly Income Statements for Morningstar

This table shows Morningstar's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 74 64 69 120 117 79 89 92 115 107 108
Consolidated Net Income / (Loss)		 74 64 69 120 117 79 89 92 115 107 108
Net Income / (Loss) Continuing Operations		 74 64 69 120 117 79 89 92 115 107 109
Total Pre-Tax Income 		90 87 90 152 163 109 117 123 151 142 147
Total Operating Income		 94 93 109 116 168 114 125 128 160 156 161
Total Gross Profit		 333 325 349 347 359 351 375 376 392 406 424
Total Revenue		 539 543 572 569 591 582 605 617 641 645 663
Operating Revenue		 539 543 572 569 591 582 605 617 641 645 663
Total Cost of Revenue		 205 218 223 223 232 231 231 242 249 239 239
Operating Cost of Revenue		 205 218 223 223 232 231 231 242 249 239 239
Total Operating Expenses		 239 232 241 231 191 236 249 248 232 250 263
Selling, General & Admin Expense		 92 80 80 78 89 77 82 86 90 84 99
Marketing Expense		 100 105 111 108 117 113 120 116 119 115 118
Depreciation Expense		 47 47 49 46 48 47 49 47 47 52 54
Other Operating Expenses / (Income)		 - - 0.00 0.00 - 0.00 -0.80 -0.50 - -0.90 -6.80
Total Other Income / (Expense), net		 -4.10 -5.60 -19 36 -9.10 -5.60 -8.60 -4.70 -8.70 -14 -14
Interest & Investment Income		 -12 -12 -10 -8.90 -7.00 -5.40 -7.40 -7.10 -8.70 -14 -18
Other Income / (Expense), net		 7.40 5.90 -8.70 45 -2.10 -0.20 -1.20 2.30 0.10 -0.40 3.50
Income Tax Expense		 14 21 19 30 34 27 26 31 36 35 38
Basic Earnings per Share		 $1.72 $1.50 $1.61 $2.79 $2.74 $1.83 $2.11 $2.18 $2.81 $2.74 $2.85
Weighted Average Basic Shares Outstanding		 42.60M 42.70M 42.80M 42.90M 42.80M 42.80M 42.20M 42.10M 41.90M 39.10M 37.80M
Diluted Earnings per Share		 $1.72 $1.49 $1.60 $2.77 $2.72 $1.82 $2.09 $2.17 $2.79 $2.73 $2.83
Weighted Average Diluted Shares Outstanding		 42.90M 43M 43.10M 43.20M 43.10M 43.10M 42.50M 42.30M 42.20M 39.30M 38.10M
Weighted Average Basic & Diluted Shares Outstanding		 42.73M 42.75M 42.84M 42.88M 42.84M 42.25M 42.18M 41.13M 39.58M 38.03M 37.51M
Cash Dividends to Common per Share		 $0.75 $0.82 $0.82 $0.82 $0.83 $0.92 $0.92 $0.92 $0.93 $1.00 $1.00

Annual Cash Flow Statements for Morningstar

This table details how cash moves in and out of Morningstar's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 22 52 49 61 -35 88 61 -107 -39 165 -28
Net Cash From Operating Activities		 242 214 250 315 334 384 450 298 316 592 590
Net Cash From Continuing Operating Activities		 242 214 250 315 334 384 450 298 316 592 590
Net Income / (Loss) Continuing Operations		 133 161 137 183 152 224 193 71 141 370 374
Consolidated Net Income / (Loss)		 133 161 137 183 152 224 193 71 141 370 374
Depreciation Expense		 64 71 91 97 118 140 151 167 185 190 190
Non-Cash Adjustments To Reconcile Net Income		 15 -28 13 18 29 -11 54 110 -5.30 -27 39
Changes in Operating Assets and Liabilities, net		 29 9.90 9.20 17 36 32 52 -49 -4.30 58 -13
Net Cash From Investing Activities		 -80 -274 -61 -50 -746 -124 -168 -799 -82 -21 -139
Net Cash From Continuing Investing Activities		 -80 -274 -61 -50 -746 -124 -168 -799 -82 -21 -139
Purchase of Property, Plant & Equipment		 -57 -63 -67 -76 -80 -77 -102 -130 -119 -143 -147
Acquisitions		 -11 -192 -1.00 -0.40 -682 -68 -25 -647 -0.80 0.00 -39
Purchase of Investments		 -41 -49 -60 -43 -38 -63 -101 -66 -19 -23 -26
Sale of Property, Plant & Equipment		 - - - - - - - 0.00 0.00 65 23
Divestitures		 0.00 0.00 24 18 18 35 1.10 0.00 26 52 0.00
Sale and/or Maturity of Investments		 30 29 42 51 36 47 59 43 31 27 46
Other Investing Activities, net		 -0.20 0.10 0.60 0.10 -0.10 1.70 -0.10 -0.20 0.10 0.20 4.90
Net Cash From Financing Activities		 -128 124 -158 -189 374 -182 -212 415 -278 -384 -515
Net Cash From Continuing Financing Activities		 -128 124 -158 -189 374 -182 -212 415 -278 -384 -515
Repayment of Debt		 -45 -15 -71 -112 -169 -476 -103 -376 -397 -364 -803
Repurchase of Common Equity		 -97 -49 -42 -21 -4.90 -42 -1.30 -226 -1.40 -12 -787
Payment of Dividends		 -34 -38 -39 -43 -48 -51 -54 -62 -64 -69 -77
Issuance of Debt		 50 230 0.00 0.00 610 60 10 1,125 260 90 1,175
Issuance of Common Equity		 3.90 0.40 0.20 0.10 0.20 352 0.00 0.00 0.00 0.00 0.00
Other Financing Activities, net		 -5.60 -5.00 -4.80 -13 -15 -25 -63 -46 -76 -29 -23
Effect of Exchange Rate Changes		 -13 -11 17 -15 3.00 10 -9.10 -21 - -21 36
Cash Interest Paid		 0.40 1.20 5.40 3.70 11 11 10 28 58 47 37
Cash Income Taxes Paid		 50 58 47 67 63 58 81 75 73 116 172

Quarterly Cash Flow Statements for Morningstar

This table details how cash moves in and out of Morningstar's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 50 16 38 162 -50 8.80 -8.00 -29 0.30 18 -3.30
Net Cash From Operating Activities		 138 94 153 192 153 91 99 196 204 92 156
Net Cash From Continuing Operating Activities		 180 94 153 192 153 91 99 196 204 92 156
Net Income / (Loss) Continuing Operations		 74 64 69 120 117 79 89 92 115 107 108
Consolidated Net Income / (Loss)		 74 64 69 120 117 79 89 92 115 107 108
Depreciation Expense		 47 47 49 46 48 47 49 47 47 52 54
Non-Cash Adjustments To Reconcile Net Income		 46 3.30 31 -26 -35 13 19 17 -10 13 18
Changes in Operating Assets and Liabilities, net		 15 -21 3.50 53 23 -48 -58 40 52 -80 -23
Net Cash From Investing Activities		 -33 -27 -33 14 24 -71 -24 -33 -12 -384 -26
Net Cash From Continuing Investing Activities		 -33 -27 -33 14 24 -71 -24 -33 -12 -384 -26
Purchase of Property, Plant & Equipment		 -30 -34 -32 -36 -41 -32 -37 -36 -43 -38 -33
Purchase of Investments		 -9.40 -10 -3.20 -6.10 -4.00 -4.50 -13 -4.10 -4.50 -11 -3.60
Sale and/or Maturity of Investments		 7.20 17 2.30 3.90 3.50 4.50 22 6.50 13 24 10
Other Investing Activities, net		 0.20 0.00 - 0.20 - 0.00 4.90 0.20 -0.20 0.00 0.40
Net Cash From Financing Activities		 -103 -44 -82 -60 -199 -24 -109 -188 -194 317 -131
Net Cash From Continuing Financing Activities		 -103 -44 -82 -60 -199 -24 -109 -188 -194 317 -131
Repayment of Debt		 -83 -113 -50 -35 -167 -40 -85 -95 -583 -32 -92
Repurchase of Common Equity		 - 0.00 - - -12 -110 -112 -170 -395 -300 -100
Payment of Dividends		 -16 -17 -17 -17 -17 -20 -19 -19 -19 -20 -19
Issuance of Debt		 - 90 - - - 145 120 105 805 670 85
Other Financing Activities, net		 -4.30 -3.20 -14 -7.90 -3.70 0.00 -12 -9.00 -1.80 -0.80 -4.20
Effect of Exchange Rate Changes		 - -7.60 -0.80 16 -29 13 25 -3.90 2.00 -5.70 -2.40
Cash Interest Paid		 17 12 14 12 11 6.40 11 7.20 13 12 17
Cash Income Taxes Paid		 27 13 32 22 50 14 80 40 38 27 67

Annual Balance Sheets for Morningstar

This table presents Morningstar's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 1,029 1,351 1,406 1,454 2,371 2,696 2,863 3,475 3,403 3,549 3,590
Total Current Assets		 410 472 530 602 603 730 888 811 816 1,014 1,038
Cash & Equivalents		 207 259 308 369 334 423 484 377 338 503 475
Short-Term Investments		 42 45 45 27 33 42 62 38 51 48 54
Accounts Receivable		 139 146 148 172 189 205 269 308 344 358 390
Prepaid Expenses		 - - - - - 32 31 37 35 42 43
Current Deferred & Refundable Income Taxes		 - - 0.00 1.80 6.30 2.20 8.90 0.00 0.60 12 16
Other Current Assets		 22 22 28 32 41 27 33 52 47 51 60
Plant, Property, & Equipment, net		 135 152 147 144 155 155 172 199 208 219 232
Total Noncurrent Assets		 485 727 729 709 1,613 1,811 1,803 2,465 2,380 2,316 2,320
Long-Term Investments		 36 40 62 63 60 33 63 96 100 85 50
Goodwill		 364 557 565 557 1,039 1,205 1,207 1,572 1,579 1,562 1,611
Intangible Assets		 74 121 95 74 333 380 328 549 484 409 379
Noncurrent Deferred & Refundable Income Taxes		 - - - 0.00 11 13 13 11 15 43 79
Other Noncurrent Operating Assets		 11 8.80 6.20 15 170 181 192 238 202 217 201
Total Liabilities & Shareholders' Equity		 1,029 1,351 1,406 1,454 2,371 2,696 2,863 3,475 3,403 3,549 3,590
Total Liabilities		 388 654 601 519 1,287 1,425 1,447 2,268 2,076 1,930 2,368
Total Current Liabilities		 304 295 323 363 496 627 784 883 881 967 1,053
Short-Term Debt		 35 - - 0.00 11 0.00 0.00 32 32 0.00 0.00
Accounts Payable		 39 45 49 54 59 65 77 76 78 87 98
Current Deferred Revenue		 141 165 171 196 250 307 377 456 518 541 586
Current Deferred & Payable Income Tax Liabilities		 - - - - - - - - 0.00 31 24
Current Employee Benefit Liabilities		 81 72 92 110 138 169 274 220 214 272 294
Other Current Liabilities		 8.60 13 11 3.10 38 86 56 99 38 37 51
Total Noncurrent Liabilities		 84 359 278 156 792 798 663 1,385 1,195 963 1,315
Long-Term Debt		 0.00 250 180 70 502 449 359 1,078 940 699 1,073
Noncurrent Deferred Revenue		 25 25 41 14 32 34 36 34 26 22 21
Noncurrent Deferred & Payable Income Tax Liabilities		 20 38 24 22 95 109 102 63 36 28 27
Noncurrent Employee Benefit Liabilities		 8.90 10 12 12 12 35 16 21 24 21 20
Other Noncurrent Operating Liabilities		 30 36 21 38 150 172 150 191 169 193 174
Total Equity & Noncontrolling Interests		 641 697 805 935 1,084 1,271 1,416 1,207 1,328 1,619 1,222
Total Preferred & Common Equity		 640 697 805 935 1,084 1,271 1,416 1,207 1,328 1,619 1,222
Total Common Equity		 640 697 805 935 1,084 1,271 1,416 1,207 1,328 1,619 1,222
Common Stock		 576 584 601 622 655 671 689 758 789 823 870
Retained Earnings		 739 862 959 1,115 1,218 1,389 1,527 1,535 1,611 1,909 2,206
Treasury Stock		 -620 -668 -708 -727 -729 -767 -764 -987 -986 -994 -1,786
Accumulated Other Comprehensive Income / (Loss)		 -55 -82 -47 -75 -61 -22 -35 -99 -87 -119 -68

Quarterly Balance Sheets for Morningstar

This table presents Morningstar's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 3,451 3,458 3,344 3,389 3,404 3,566 3,586 3,631 3,558 3,986 3,946
Total Current Assets		 781 807 758 831 876 1,023 1,012 1,042 979 1,063 1,035
Cash & Equivalents		 352 343 325 354 391 553 512 504 474 493 490
Short-Term Investments		 33 35 39 55 48 49 48 38 40 39 34
Accounts Receivable		 298 322 298 326 336 328 342 384 364 403 383
Prepaid Expenses		 48 46 41 49 45 44 54 49 42 57 57
Current Deferred & Refundable Income Taxes		 0.00 15 8.80 0.00 0.00 0.00 9.40 18 13 15 13
Other Current Assets		 50 46 46 47 55 49 48 49 46 56 58
Plant, Property, & Equipment, net		 202 206 204 211 210 212 222 226 226 235 240
Total Noncurrent Assets		 2,468 2,445 2,382 2,348 2,317 2,331 2,352 2,363 2,353 2,688 2,671
Long-Term Investments		 118 115 105 96 97 96 76 77 72 50 50
Goodwill		 1,577 1,585 1,569 1,574 1,570 1,580 1,601 1,618 1,615 1,747 1,746
Intangible Assets		 533 519 495 463 443 433 420 413 396 591 569
Noncurrent Deferred & Refundable Income Taxes		 11 12 10 20 24 31 46 52 66 86 91
Other Noncurrent Operating Assets		 229 216 202 195 183 192 209 202 204 213 216
Total Liabilities & Shareholders' Equity		 3,451 3,458 3,344 3,389 3,404 3,566 3,586 3,631 3,558 3,986 3,946
Total Liabilities		 2,246 2,222 2,100 2,006 1,970 2,001 1,977 2,016 2,044 2,968 2,922
Total Current Liabilities		 844 815 810 847 837 896 912 921 946 1,031 980
Short-Term Debt		 32 32 32 32 0.00 0.00 0.00 0.00 0.00 18 18
Accounts Payable		 70 69 70 72 77 80 93 90 90 105 92
Current Deferred Revenue		 502 506 487 565 548 540 595 594 564 669 628
Current Deferred & Payable Income Tax Liabilities		 - - - - - - 47 8.00 9.60 43 15
Current Employee Benefit Liabilities		 134 169 181 123 166 216 133 180 231 145 181
Other Current Liabilities		 107 38 40 55 46 60 45 49 51 51 46
Total Noncurrent Liabilities		 1,402 1,407 1,291 1,160 1,132 1,105 1,065 1,095 1,098 1,937 1,942
Long-Term Debt		 1,099 1,121 1,023 917 900 865 804 839 849 1,695 1,695
Noncurrent Deferred Revenue		 31 30 28 25 24 23 22 22 21 21 19
Noncurrent Deferred & Payable Income Tax Liabilities		 66 58 52 33 30 30 30 30 27 22 22
Noncurrent Employee Benefit Liabilities		 21 23 23 23 23 21 23 22 20 20 20
Other Noncurrent Operating Liabilities		 184 175 164 161 155 166 187 183 181 179 185
Total Equity & Noncontrolling Interests		 1,205 1,236 1,244 1,383 1,434 1,566 1,609 1,615 1,514 1,019 1,024
Total Preferred & Common Equity		 1,205 1,236 1,244 1,383 1,434 1,566 1,609 1,615 1,514 1,019 1,024
Total Common Equity		 1,205 1,236 1,244 1,383 1,434 1,566 1,609 1,615 1,514 1,019 1,024
Common Stock		 772 775 783 808 807 810 848 853 861 893 915
Retained Earnings		 1,511 1,532 1,555 1,658 1,709 1,812 1,968 2,038 2,111 2,294 2,383
Treasury Stock		 -987 -987 -986 -986 -984 -982 -1,105 -1,216 -1,387 -2,089 -2,189
Accumulated Other Comprehensive Income / (Loss)		 -92 -84 -107 -97 -99 -74 -102 -61 -71 -79 -86

Annual Metrics And Ratios for Morningstar

This table displays calculated financial ratios and metrics derived from Morningstar's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 3.78% 1.24% 14.16% 11.87% 15.60% 17.85% 22.30% 10.08% 8.98% 11.60% 7.49%
EBITDA Growth		 53.96% 14.99% -6.57% 18.09% -6.63% 31.46% 2.28% -20.39% 28.41% 71.16% -0.26%
EBIT Growth		 71.94% 16.74% -17.76% 24.04% -18.59% 39.62% -0.81% -38.44% 46.67% 125.21% -0.26%
NOPAT Growth		 77.72% 0.53% -0.01% 32.36% -14.85% 16.27% 13.53% -50.61% 98.17% 102.56% 4.24%
Net Income Growth		 69.60% 21.23% -14.97% 33.67% -16.94% 47.11% -13.55% -63.53% 100.14% 162.15% 1.16%
EPS Growth		 72.41% 24.00% -14.52% 33.65% -17.18% 47.16% -14.09% -63.15% 100.61% 160.79% 3.38%
Operating Cash Flow Growth		 76.79% -11.51% 17.03% 25.87% 6.23% 14.92% 17.07% -33.81% 6.25% 86.98% -0.32%
Free Cash Flow Firm Growth		 3,877.70% -148.37% 299.34% 20.27% -344.54% 124.21% 116.57% -317.50% 133.72% 178.76% -28.99%
Invested Capital Growth		 -9.19% 53.93% -5.46% -4.20% 114.33% 4.63% -4.72% 54.91% 0.27% -7.18% 2.06%
Revenue Q/Q Growth		 0.66% 1.35% 3.51% 1.96% 6.28% 3.58% 5.06% 0.69% 3.23% 2.35% 2.09%
EBITDA Q/Q Growth		 1.90% 15.49% -12.05% 1.62% -0.78% 7.73% 3.10% -7.55% 17.34% 10.19% -1.06%
EBIT Q/Q Growth		 1.48% 20.04% -19.77% 2.74% -5.38% 11.38% 3.90% -17.19% 34.72% 13.95% -1.20%
NOPAT Q/Q Growth		 3.48% 5.96% -2.16% 2.37% -8.49% 14.79% 1.81% -36.24% 74.95% 16.39% -2.97%
Net Income Q/Q Growth		 4.48% 25.78% -18.66% 1.95% -8.87% 27.12% -8.86% -43.01% 99.01% 13.29% -0.48%
EPS Q/Q Growth		 4.90% 26.10% -18.46% 1.92% -9.04% 27.59% -9.37% -42.25% 98.19% 13.19% 0.80%
Operating Cash Flow Q/Q Growth		 -3.36% 8.98% 6.34% 6.75% -6.38% 9.11% 4.97% -9.81% 12.16% 2.71% 9.39%
Free Cash Flow Firm Q/Q Growth		 -9.00% -183.08% 369.16% 12.47% -12.99% -93.42% 117.08% -18.02% 68.07% 20.04% -0.79%
Invested Capital Q/Q Growth		 2.54% 48.44% -4.86% -7.90% -0.46% 381.18% -4.55% -1.45% -1.10% -2.99% -3.44%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 58.15% 56.89% 57.60% 59.69% 59.02% 59.96% 58.90% 58.34% 58.62% 60.63% 61.03%
EBITDA Margin		 32.56% 36.98% 30.26% 31.94% 25.80% 28.78% 24.07% 17.41% 20.51% 31.45% 29.34%
Operating Margin		 24.16% 22.64% 18.62% 21.16% 16.08% 15.49% 15.12% 8.97% 11.31% 21.31% 21.53%
EBIT Margin		 24.39% 28.12% 20.26% 22.46% 15.82% 18.74% 15.20% 8.50% 11.44% 23.08% 21.57%
Profit (Net Income) Margin		 16.84% 20.16% 15.02% 17.94% 12.89% 16.09% 11.38% 3.77% 6.92% 16.26% 15.30%
Tax Burden Percent		 68.56% 71.59% 75.59% 78.57% 76.57% 79.01% 77.17% 53.98% 77.74% 75.29% 74.99%
Interest Burden Percent		 100.68% 100.13% 98.05% 101.66% 106.43% 108.68% 96.98% 82.14% 77.83% 93.55% 94.58%
Effective Tax Rate		 32.37% 28.32% 23.69% 20.52% 22.97% 21.10% 24.99% 43.26% 18.18% 21.17% 24.35%
Return on Invested Capital (ROIC)		 31.35% 26.08% 22.11% 30.76% 17.03% 14.19% 16.13% 6.41% 10.43% 21.89% 23.46%
ROIC Less NNEP Spread (ROIC-NNEP)		 29.70% 7.79% 17.67% 27.07% 13.10% 295.12% 15.78% -7.75% 1.64% 17.39% 14.76%
Return on Net Nonoperating Assets (RNNOA)		 -10.84% -2.00% -3.88% -9.72% -1.97% 4.80% -1.75% -1.03% 0.70% 3.22% 2.89%
Return on Equity (ROE)		 20.51% 24.08% 18.23% 21.04% 15.06% 18.99% 14.39% 5.38% 11.13% 25.11% 26.35%
Cash Return on Invested Capital (CROIC)		 40.98% -16.40% 27.72% 35.04% -55.72% 9.67% 20.97% -36.68% 10.16% 29.34% 21.42%
Operating Return on Assets (OROA)		 18.87% 18.87% 13.40% 16.02% 9.75% 10.28% 9.29% 5.02% 6.78% 15.11% 14.78%
Return on Assets (ROA)		 13.02% 13.53% 9.93% 12.80% 7.95% 8.83% 6.95% 2.22% 4.10% 10.64% 10.48%
Return on Common Equity (ROCE)		 20.49% 24.07% 18.23% 21.04% 15.06% 18.99% 14.39% 5.38% 11.13% 25.11% 26.35%
Return on Equity Simple (ROE_SIMPLE)		 20.74% 23.12% 17.01% 19.58% 14.03% 17.59% 13.65% 5.84% 10.63% 22.85% 0.00%
Net Operating Profit after Tax (NOPAT)		 129 130 130 172 146 170 193 95 189 382 398
NOPAT Margin		 16.34% 16.23% 14.21% 16.82% 12.39% 12.22% 11.34% 5.09% 9.26% 16.80% 16.29%
Net Nonoperating Expense Percent (NNEP)		 1.65% 18.29% 4.44% 3.68% 3.93% -280.93% 0.35% 14.16% 8.79% 4.50% 8.70%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 4.11% 8.20% 16.49% 17.36%
Cost of Revenue to Revenue		 41.85% 43.11% 42.40% 40.31% 40.98% 40.04% 41.10% 41.66% 41.38% 39.37% 38.97%
SG&A Expenses to Revenue		 13.58% 13.17% 14.24% 14.49% 17.87% 19.58% 18.74% 21.40% 17.45% 14.38% 13.66%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 33.99% 34.25% 38.97% 38.53% 42.94% 44.47% 43.78% 49.37% 47.31% 39.32% 39.50%
Earnings before Interest and Taxes (EBIT)		 192 225 185 229 187 260 258 159 233 525 528
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 257 295 276 326 304 400 409 326 418 716 718
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 5.17 4.28 4.88 4.82 5.80 7.64 10.24 7.51 9.14 8.91 7.30
Price to Tangible Book Value (P/TBV)		 16.41 158.67 27.18 14.82 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 4.20 3.74 4.31 4.42 5.33 6.99 8.53 4.85 5.95 6.34 3.65
Price to Earnings (P/E)		 24.98 18.53 28.71 24.63 41.34 43.46 74.97 128.60 86.03 38.99 23.83
Dividend Yield		 1.01% 1.27% 1.00% 0.95% 0.76% 0.54% 0.37% 0.67% 0.65% 0.48% 0.84%
Earnings Yield		 4.00% 5.40% 3.48% 4.06% 2.42% 2.30% 1.33% 0.78% 1.16% 2.56% 4.20%
Enterprise Value to Invested Capital (EV/IC)		 7.83 4.80 6.49 7.55 5.45 7.90 12.22 5.35 6.97 8.62 5.49
Enterprise Value to Revenue (EV/Rev)		 3.88 3.62 4.05 4.04 5.40 6.96 8.38 5.17 6.19 6.37 3.85
Enterprise Value to EBITDA (EV/EBITDA)		 11.93 9.78 13.39 12.64 20.94 24.18 34.82 29.68 30.19 20.24 13.12
Enterprise Value to EBIT (EV/EBIT)		 15.92 12.86 20.00 17.98 34.16 37.13 55.14 60.79 54.13 27.58 17.84
Enterprise Value to NOPAT (EV/NOPAT)		 23.77 22.29 28.51 24.01 43.62 56.94 73.88 101.52 66.90 37.90 23.62
Enterprise Value to Operating Cash Flow (EV/OCF)		 12.69 13.52 14.77 13.08 19.05 25.16 31.66 32.46 39.89 24.48 15.96
Enterprise Value to Free Cash Flow (EV/FCFF)		 18.18 0.00 22.74 21.08 0.00 83.57 56.84 0.00 68.69 28.27 25.87
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.05 0.36 0.22 0.07 0.47 0.35 0.25 0.92 0.73 0.43 0.88
Long-Term Debt to Equity		 0.00 0.36 0.22 0.07 0.46 0.35 0.25 0.89 0.71 0.43 0.88
Financial Leverage		 -0.36 -0.26 -0.22 -0.36 -0.15 0.02 -0.11 0.13 0.43 0.19 0.20
Leverage Ratio		 1.57 1.78 1.84 1.64 1.90 2.15 2.07 2.42 2.71 2.36 2.51
Compound Leverage Factor		 1.59 1.78 1.80 1.67 2.02 2.34 2.01 1.98 2.11 2.21 2.38
Debt to Total Capital		 5.18% 26.40% 18.28% 6.97% 32.14% 26.10% 20.24% 47.90% 42.27% 30.15% 46.75%
Short-Term Debt to Total Capital		 5.18% 0.00% 0.00% 0.00% 0.69% 0.00% 0.00% 1.39% 1.40% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 26.40% 18.28% 6.97% 31.45% 26.10% 20.24% 46.51% 40.88% 30.15% 46.75%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.04% 0.03% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 94.78% 73.56% 81.72% 93.03% 67.87% 73.90% 79.76% 52.10% 57.73% 69.85% 53.25%
Debt to EBITDA		 0.14 0.85 0.65 0.21 1.69 1.12 0.88 3.41 2.33 0.98 1.49
Net Debt to EBITDA		 -0.97 -0.32 -0.85 -1.19 0.28 -0.12 -0.61 1.84 1.16 0.09 0.69
Long-Term Debt to EBITDA		 0.00 0.85 0.65 0.21 1.65 1.12 0.88 3.31 2.25 0.98 1.49
Debt to NOPAT		 0.27 1.93 1.39 0.41 3.51 2.64 1.86 11.65 5.15 1.83 2.69
Net Debt to NOPAT		 -1.93 -0.73 -1.82 -2.27 0.59 -0.28 -1.30 6.29 2.56 0.16 1.24
Long-Term Debt to NOPAT		 0.00 1.93 1.39 0.41 3.44 2.64 1.86 11.32 4.98 1.83 2.69
Altman Z-Score		 7.63 4.93 6.14 7.70 4.46 5.69 7.69 3.68 4.97 6.38 4.28
Noncontrolling Interest Sharing Ratio		 0.09% 0.04% 0.02% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.35 1.60 1.64 1.66 1.22 1.17 1.13 0.92 0.93 1.05 0.99
Quick Ratio		 1.27 1.53 1.55 1.57 1.12 1.07 1.04 0.82 0.83 0.94 0.87
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 169 -82 162 195 -478 116 251 -545 184 512 364
Operating Cash Flow to CapEx		 421.47% 340.29% 375.53% 413.67% 418.00% 501.04% 441.95% 229.96% 265.66% 761.39% 474.04%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.77 0.67 0.66 0.71 0.62 0.55 0.61 0.59 0.59 0.65 0.69
Accounts Receivable Turnover		 5.72 5.60 6.20 6.37 6.54 7.06 7.17 6.49 6.26 6.48 6.53
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 6.26 5.57 6.09 7.01 7.91 8.97 10.40 10.08 10.02 10.67 10.85
Accounts Payable Turnover		 8.98 8.22 8.24 7.94 8.53 9.02 9.91 10.21 10.91 10.81 10.29
Days Sales Outstanding (DSO)		 63.86 65.15 58.85 57.33 55.83 51.70 50.91 56.27 58.35 56.31 55.86
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 40.64 44.42 44.28 45.99 42.80 40.48 36.84 35.76 33.45 33.76 35.47
Cash Conversion Cycle (CCC)		 23.22 20.73 14.57 11.34 13.03 11.22 14.06 20.51 24.90 22.55 20.39
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 391 603 570 546 1,170 1,224 1,166 1,806 1,811 1,681 1,716
Invested Capital Turnover		 1.92 1.61 1.56 1.83 1.37 1.16 1.42 1.26 1.13 1.30 1.44
Increase / (Decrease) in Invested Capital		 -40 211 -33 -24 624 54 -58 640 4.90 -130 35
Enterprise Value (EV)		 3,063 2,889 3,695 4,118 6,370 9,669 14,242 9,665 12,623 14,484 9,411
Market Capitalization		 3,312 2,983 3,930 4,507 6,284 9,717 14,492 9,066 12,139 14,422 8,917
Book Value per Share		 $14.48 $16.18 $18.93 $21.91 $25.31 $29.68 $32.85 $28.44 $31.10 $37.74 $29.71
Tangible Book Value per Share		 $4.57 $0.44 $3.40 $7.13 ($6.75) ($7.32) ($2.77) ($21.51) ($17.22) ($8.21) ($18.68)
Total Capital		 676 947 985 1,005 1,597 1,721 1,775 2,317 2,300 2,317 2,295
Total Debt		 35 250 180 70 513 449 359 1,110 972 699 1,073
Total Long-Term Debt		 0.00 250 180 70 502 449 359 1,078 940 699 1,073
Net Debt		 -249 -94 -235 -389 86 -48 -250 599 483 62 494
Capital Expenditures (CapEx)		 57 63 67 76 80 77 102 130 119 78 124
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -108 -127 -147 -157 -249 -361 -442 -454 -422 -504 -544
Debt-free Net Working Capital (DFNWC)		 141 177 207 239 118 104 104 -40 -33 47 -15
Net Working Capital (NWC)		 106 177 207 239 107 104 104 -72 -65 47 -15
Net Nonoperating Expense (NNE)		 -3.90 -31 -7.32 -11 -5.96 -54 -0.52 25 48 12 24
Net Nonoperating Obligations (NNO)		 -249 -94 -235 -389 86 -48 -250 599 483 62 494
Total Depreciation and Amortization (D&A)		 64 71 91 97 118 140 151 167 185 190 190
Debt-free, Cash-free Net Working Capital to Revenue		 -13.70% -15.89% -16.09% -15.40% -21.13% -25.96% -26.01% -24.28% -20.70% -22.16% -22.24%
Debt-free Net Working Capital to Revenue		 17.81% 22.18% 22.66% 23.41% 10.04% 7.45% 6.13% -2.12% -1.62% 2.06% -0.63%
Net Working Capital to Revenue		 13.37% 22.18% 22.66% 23.41% 9.11% 7.45% 6.13% -3.83% -3.19% 2.06% -0.63%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $3.00 $3.74 $3.21 $4.30 $3.56 $5.22 $4.50 $1.65 $3.31 $8.64 $8.93
Adjusted Weighted Average Basic Shares Outstanding		 44.20M 43M 42.70M 42.60M 42.70M 42.90M 43M 42.60M 42.60M 42.80M 41.90M
Adjusted Diluted Earnings per Share		 $3.00 $3.72 $3.18 $4.25 $3.52 $5.18 $4.45 $1.64 $3.29 $8.58 $8.87
Adjusted Weighted Average Diluted Shares Outstanding		 44.30M 43.30M 43M 43M 43.20M 43.20M 43.40M 42.90M 42.90M 43.10M 42.20M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 42.91M 42.93M 42.50M 42.59M 42.85M 42.90M 42.96M 42.48M 42.73M 42.84M 39.58M
Normalized Net Operating Profit after Tax (NOPAT)		 129 130 130 172 146 170 193 95 189 332 381
Normalized NOPAT Margin		 16.34% 16.23% 14.21% 16.82% 12.39% 12.22% 11.34% 5.09% 9.26% 14.58% 15.59%
Pre Tax Income Margin		 24.56% 28.16% 19.86% 22.84% 16.84% 20.37% 14.74% 6.98% 8.90% 21.59% 20.40%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 25.38% 23.54% 28.71% 23.28% 31.45% 22.99% 28.04% 87.23% 45.29% 18.73% 20.55%
Augmented Payout Ratio		 98.42% 53.85% 59.61% 34.70% 34.67% 41.73% 28.71% 407.80% 46.28% 21.87% 230.87%

Quarterly Metrics And Ratios for Morningstar

This table displays calculated financial ratios and metrics derived from Morningstar's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 39,583,760.00 38,028,018.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 39,583,760.00 38,028,018.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 2.71 2.83
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 13.41% 13.15% 13.31% 10.46% 9.71% 7.20% 5.81% 8.43% 8.48% 10.81% 9.60%
EBITDA Growth		 71.45% 142.03% 60.45% 76.80% 44.64% 10.64% 15.78% -14.24% -5.27% 28.54% 26.22%
EBIT Growth		 144.12% 539.61% 117.90% 129.06% 63.16% 15.63% 24.15% -19.09% -6.00% 36.52% 32.45%
NOPAT Growth		 1,534.87% 195.14% 70.94% 87.36% 67.21% 21.96% 13.65% 2.37% -9.08% 38.19% 22.61%
Net Income Growth		 2,127.27% 944.74% 91.41% 206.14% 59.05% 22.27% 28.80% -23.48% -1.54% 36.43% 21.12%
EPS Growth		 1,811.11% 927.78% 90.48% 204.40% 58.14% 22.15% 30.63% -21.66% 2.57% 50.00% 35.41%
Operating Cash Flow Growth		 33.14% 300.00% 523.27% 46.82% 11.32% -2.78% -35.17% 1.98% 32.99% 0.55% 57.27%
Free Cash Flow Firm Growth		 111.77% 111.48% 220.60% 274.30% 252.19% 78.38% -67.94% -73.20% -67.15% -287.76% -455.39%
Invested Capital Growth		 0.27% -0.32% -5.24% -5.37% -7.18% -2.73% 2.10% 2.53% 2.06% 20.90% 17.93%
Revenue Q/Q Growth		 4.50% 0.76% 5.36% -0.44% 3.79% -1.54% 3.99% 2.03% 3.84% 0.58% 2.85%
EBITDA Q/Q Growth		 26.97% -1.75% 2.20% 38.68% 3.87% -24.85% 6.95% 2.73% 16.77% 0.19% 5.02%
EBIT Q/Q Growth		 45.01% -3.24% 1.32% 61.12% 3.30% -31.43% 8.78% 5.00% 22.75% -2.63% 5.53%
NOPAT Q/Q Growth		 60.49% -12.22% 21.87% 9.12% 43.23% -35.97% 13.57% -1.71% 27.21% -2.68% 0.76%
Net Income Q/Q Growth		 87.98% -12.65% 7.63% 73.23% -2.34% -32.85% 13.38% 2.92% 25.66% -6.95% 0.65%
EPS Q/Q Growth		 89.01% -13.37% 7.38% 73.13% -1.81% -33.09% 14.84% 3.83% 28.57% -2.15% 3.66%
Operating Cash Flow Q/Q Growth		 5.43% -32.08% 63.14% 25.67% -20.06% -40.68% 8.79% 97.68% 4.24% -55.15% 70.16%
Free Cash Flow Firm Q/Q Growth		 46.20% 1.30% 143.66% 3.72% 37.57% -48.69% -56.21% -13.28% 68.62% -393.22% 17.11%
Invested Capital Q/Q Growth		 -1.10% 0.90% -1.67% -3.57% -2.99% 5.75% 3.21% -3.16% -3.44% 25.27% 0.67%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 61.87% 59.82% 61.06% 60.89% 60.71% 60.23% 61.89% 60.85% 61.13% 62.95% 63.92%
EBITDA Margin		 27.53% 26.84% 26.04% 36.27% 36.29% 27.70% 28.49% 28.68% 32.26% 32.13% 32.81%
Operating Margin		 17.52% 17.06% 18.97% 20.28% 28.46% 19.61% 20.67% 20.70% 24.89% 24.18% 24.22%
EBIT Margin		 18.90% 18.15% 17.45% 28.24% 28.10% 19.57% 20.48% 21.07% 24.91% 24.12% 24.74%
Profit (Net Income) Margin		 13.64% 11.83% 12.08% 21.02% 19.78% 13.49% 14.71% 14.84% 17.95% 16.61% 16.25%
Tax Burden Percent		 81.40% 73.79% 77.21% 78.80% 71.76% 72.35% 76.39% 74.41% 76.28% 75.53% 73.33%
Interest Burden Percent		 88.70% 88.32% 89.68% 94.47% 98.07% 95.26% 94.03% 94.62% 94.49% 91.19% 89.58%
Effective Tax Rate		 15.61% 24.48% 21.45% 19.49% 20.81% 25.25% 22.58% 25.51% 24.12% 24.40% 26.05%
Return on Invested Capital (ROIC)		 16.67% 14.79% 17.50% 20.37% 29.37% 18.82% 20.70% 21.05% 27.20% 23.35% 22.99%
ROIC Less NNEP Spread (ROIC-NNEP)		 15.53% 13.73% 14.35% 27.46% 23.39% 16.60% 18.00% 19.37% 25.04% 21.70% 21.38%
Return on Net Nonoperating Assets (RNNOA)		 6.63% 5.69% 5.50% 7.37% 4.33% 3.40% 3.44% 2.70% 4.90% 10.72% 11.02%
Return on Equity (ROE)		 23.30% 20.48% 23.01% 27.74% 33.70% 22.22% 24.14% 23.75% 32.10% 34.08% 34.01%
Cash Return on Invested Capital (CROIC)		 10.16% 13.83% 20.82% 23.95% 29.34% 24.82% 20.47% 20.90% 21.42% 3.03% 6.20%
Operating Return on Assets (OROA)		 11.20% 11.15% 11.03% 18.17% 18.39% 12.99% 13.67% 14.17% 17.07% 15.98% 16.76%
Return on Assets (ROA)		 8.09% 7.27% 7.64% 13.52% 12.95% 8.95% 9.82% 9.98% 12.30% 11.00% 11.01%
Return on Common Equity (ROCE)		 23.30% 20.48% 23.01% 27.74% 33.70% 22.22% 24.14% 23.75% 32.10% 34.08% 34.01%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 15.39% 17.15% 20.85% 0.00% 23.88% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 80 70 85 93 133 85 97 95 121 118 119
NOPAT Margin		 14.79% 12.88% 14.90% 16.33% 22.54% 14.66% 16.01% 15.42% 18.89% 18.28% 17.91%
Net Nonoperating Expense Percent (NNEP)		 1.14% 1.07% 3.15% -7.08% 5.98% 2.22% 2.70% 1.68% 2.16% 1.66% 1.61%
Return On Investment Capital (ROIC_SIMPLE)		 3.46% - - - 5.75% 3.53% 3.95% 4.03% 5.28% 4.31% 4.34%
Cost of Revenue to Revenue		 38.13% 40.18% 38.94% 39.11% 39.29% 39.77% 38.11% 39.15% 38.87% 37.05% 36.08%
SG&A Expenses to Revenue		 17.08% 14.79% 14.04% 13.63% 15.06% 13.15% 13.55% 13.91% 13.98% 13.03% 14.85%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 44.35% 42.76% 42.09% 40.60% 32.25% 40.63% 41.22% 40.15% 36.23% 38.77% 39.70%
Earnings before Interest and Taxes (EBIT)		 102 99 100 161 166 114 124 130 160 156 164
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 148 146 149 207 215 161 172 177 207 207 218
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 9.14 9.50 8.81 8.72 8.91 7.97 8.20 6.45 7.30 6.55 5.78
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 5.95 6.25 5.82 6.14 6.34 5.54 5.64 4.08 3.65 2.66 2.30
Price to Earnings (P/E)		 86.03 61.72 51.36 41.82 38.99 33.38 32.77 25.97 23.83 16.56 14.03
Dividend Yield		 0.65% 0.50% 0.53% 0.50% 0.48% 0.56% 0.55% 0.76% 0.84% 1.11% 1.23%
Earnings Yield		 1.16% 1.62% 1.95% 2.39% 2.56% 3.00% 3.05% 3.85% 4.20% 6.04% 7.13%
Enterprise Value to Invested Capital (EV/IC)		 6.97 7.43 7.23 7.98 8.62 7.31 7.34 5.64 5.49 3.63 3.26
Enterprise Value to Revenue (EV/Rev)		 6.19 6.46 5.99 6.22 6.37 5.62 5.74 4.19 3.85 3.11 2.75
Enterprise Value to EBITDA (EV/EBITDA)		 30.19 26.98 23.21 21.28 20.24 17.77 17.84 13.83 13.12 10.22 8.72
Enterprise Value to EBIT (EV/EBIT)		 54.13 42.95 35.09 29.99 27.58 24.04 23.84 18.78 17.84 13.71 11.58
Enterprise Value to NOPAT (EV/NOPAT)		 66.90 54.95 45.57 42.09 37.90 32.68 32.89 24.43 23.62 18.10 15.58
Enterprise Value to Operating Cash Flow (EV/OCF)		 39.89 35.14 25.24 23.99 24.48 22.06 25.15 18.60 15.96 13.22 10.91
Enterprise Value to Free Cash Flow (EV/FCFF)		 68.69 53.69 33.80 32.39 28.27 29.04 36.22 27.35 25.87 131.19 56.93
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.73 0.69 0.63 0.55 0.43 0.50 0.52 0.56 0.88 1.68 1.67
Long-Term Debt to Equity		 0.71 0.66 0.63 0.55 0.43 0.50 0.52 0.56 0.88 1.66 1.66
Financial Leverage		 0.43 0.41 0.38 0.27 0.19 0.20 0.19 0.14 0.20 0.49 0.52
Leverage Ratio		 2.71 2.64 2.57 2.46 2.36 2.33 2.31 2.31 2.51 2.88 2.87
Compound Leverage Factor		 2.41 2.33 2.31 2.32 2.31 2.22 2.17 2.19 2.37 2.63 2.57
Debt to Total Capital		 42.27% 40.70% 38.55% 35.58% 30.15% 33.31% 34.19% 35.93% 46.75% 62.71% 62.60%
Short-Term Debt to Total Capital		 1.40% 1.38% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.67% 0.66%
Long-Term Debt to Total Capital		 40.88% 39.33% 38.55% 35.58% 30.15% 33.31% 34.19% 35.93% 46.75% 62.04% 61.93%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 57.73% 59.30% 61.45% 64.42% 69.85% 66.69% 65.81% 64.07% 53.25% 37.29% 37.40%
Debt to EBITDA		 2.33 1.89 1.61 1.33 0.98 1.10 1.11 1.17 1.49 2.24 2.12
Net Debt to EBITDA		 1.16 0.88 0.65 0.26 0.09 0.23 0.29 0.36 0.69 1.48 1.41
Long-Term Debt to EBITDA		 2.25 1.82 1.61 1.33 0.98 1.10 1.11 1.17 1.49 2.22 2.10
Debt to NOPAT		 5.15 3.84 3.16 2.63 1.83 2.02 2.05 2.07 2.69 3.97 3.78
Net Debt to NOPAT		 2.56 1.80 1.27 0.51 0.16 0.42 0.54 0.64 1.24 2.62 2.52
Long-Term Debt to NOPAT		 4.98 3.71 3.16 2.63 1.83 2.02 2.05 2.07 2.69 3.93 3.74
Altman Z-Score		 4.85 5.32 5.30 5.62 6.05 5.44 5.53 4.50 3.94 2.92 2.86
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.93 0.98 1.05 1.14 1.05 1.11 1.13 1.04 0.99 1.03 1.06
Quick Ratio		 0.83 0.87 0.93 1.04 0.94 0.99 1.01 0.93 0.87 0.91 0.92
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 75 76 185 191 263 135 59 51 87 -254 -210
Operating Cash Flow to CapEx		 459.33% 274.49% 478.68% 531.58% 377.83% 282.61% 270.49% 549.72% 477.75% 241.42% 468.98%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.59 0.61 0.63 0.64 0.65 0.66 0.67 0.67 0.69 0.66 0.68
Accounts Receivable Turnover		 6.26 6.74 6.59 7.10 6.48 6.93 6.52 6.92 6.53 6.74 6.69
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 10.02 10.20 10.43 10.67 10.67 10.70 10.77 10.93 10.85 10.99 11.03
Accounts Payable Turnover		 10.91 11.90 11.62 11.55 10.81 11.05 10.96 10.96 10.29 9.74 10.64
Days Sales Outstanding (DSO)		 58.35 54.19 55.38 51.43 56.31 52.70 56.01 52.74 55.86 54.18 54.53
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 33.45 30.66 31.40 31.61 33.76 33.05 33.30 33.31 35.47 37.47 34.29
Cash Conversion Cycle (CCC)		 24.90 23.53 23.98 19.82 22.55 19.66 22.71 19.44 20.39 16.71 20.24
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,811 1,827 1,797 1,733 1,681 1,778 1,835 1,777 1,716 2,149 2,164
Invested Capital Turnover		 1.13 1.15 1.17 1.25 1.30 1.28 1.29 1.37 1.44 1.28 1.28
Increase / (Decrease) in Invested Capital		 4.90 -5.80 -99 -98 -130 -50 38 44 35 372 329
Enterprise Value (EV)		 12,623 13,585 12,992 13,820 14,484 12,995 13,463 10,029 9,411 7,802 7,055
Market Capitalization		 12,139 13,141 12,629 13,653 14,422 12,826 13,243 9,766 8,917 6,672 5,915
Book Value per Share		 $31.10 $32.37 $33.54 $36.55 $37.74 $37.56 $38.21 $35.90 $29.71 $25.74 $26.92
Tangible Book Value per Share		 ($17.22) ($15.32) ($13.54) ($10.42) ($8.21) ($9.62) ($9.87) ($11.78) ($18.68) ($33.34) ($33.95)
Total Capital		 2,300 2,333 2,333 2,430 2,317 2,413 2,453 2,363 2,295 2,732 2,737
Total Debt		 972 949 900 865 699 804 839 849 1,073 1,713 1,713
Total Long-Term Debt		 940 917 900 865 699 804 839 849 1,073 1,695 1,695
Net Debt		 483 444 363 167 62 168 220 263 494 1,130 1,140
Capital Expenditures (CapEx)		 30 34 32 36 41 32 37 36 43 38 33
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -422 -393 -401 -475 -504 -459 -420 -481 -544 -481 -451
Debt-free Net Working Capital (DFNWC)		 -33 16 38 127 47 100 121 34 -15 51 73
Net Working Capital (NWC)		 -65 -16 38 127 47 100 121 34 -15 33 55
Net Nonoperating Expense (NNE)		 6.16 5.73 16 -27 16 6.79 7.86 3.60 6.00 11 11
Net Nonoperating Obligations (NNO)		 483 444 363 167 62 168 220 263 494 1,130 1,140
Total Depreciation and Amortization (D&A)		 47 47 49 46 48 47 49 47 47 52 54
Debt-free, Cash-free Net Working Capital to Revenue		 -20.70% -18.71% -18.48% -21.36% -22.16% -19.84% -17.90% -20.07% -22.24% -19.19% -17.57%
Debt-free Net Working Capital to Revenue		 -1.62% 0.76% 1.77% 5.71% 2.06% 4.32% 5.17% 1.41% -0.63% 2.03% 2.84%
Net Working Capital to Revenue		 -3.19% -0.77% 1.77% 5.71% 2.06% 4.32% 5.17% 1.41% -0.63% 1.30% 2.13%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.72 $1.50 $1.61 $2.79 $2.74 $1.83 $2.11 $2.18 $2.81 $2.74 $2.85
Adjusted Weighted Average Basic Shares Outstanding		 42.60M 42.70M 42.80M 42.90M 42.80M 42.80M 42.20M 42.10M 41.90M 39.10M 37.80M
Adjusted Diluted Earnings per Share		 $1.72 $1.49 $1.60 $2.77 $2.72 $1.82 $2.09 $2.17 $2.79 $2.73 $2.83
Adjusted Weighted Average Diluted Shares Outstanding		 42.90M 43M 43.10M 43.20M 43.10M 43.10M 42.50M 42.30M 42.20M 39.30M 38.10M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 42.73M 42.75M 42.84M 42.88M 42.84M 42.25M 42.18M 41.13M 39.58M 38.03M 37.51M
Normalized Net Operating Profit after Tax (NOPAT)		 80 70 85 93 133 85 97 95 121 118 119
Normalized NOPAT Margin		 14.79% 12.88% 14.90% 16.33% 22.54% 14.66% 16.01% 15.42% 18.89% 18.28% 17.91%
Pre Tax Income Margin		 16.76% 16.03% 15.65% 26.68% 27.56% 18.65% 19.25% 19.94% 23.54% 21.99% 22.17%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 45.29% 30.67% 27.08% 20.83% 18.73% 18.61% 18.19% 20.03% 20.55% 19.19% 18.26%
Augmented Payout Ratio		 46.28% 31.33% 27.08% 20.83% 21.87% 50.16% 75.90% 127.29% 230.87% 261.84% 247.25%

Financials Breakdown Chart

Key Financial Trends

Morningstar’s latest quarter shows steady revenue growth, solid profitability, and a much larger balance-sheet footprint after a major acquisition. Q1 2026 revenue rose to $644.8 million from $581.9 million in Q1 2025 and $542.8 million in Q1 2024, while net income climbed to $107.1 million. Over the last four years, Morningstar has generally expanded sales and remained consistently profitable, although quarterly results can be affected by acquisition-related costs, financing activity, and swings in working capital.

What stands out most is the company’s ability to generate cash from operations and keep margins healthy even as it invested heavily in growth. At the same time, debt jumped meaningfully in 2026 and goodwill/intangible assets now make up a very large share of total assets, which investors should watch closely.

  • Revenue increased year over year in Q1 2026 to $644.8 million, up from $581.9 million in Q1 2025 and $542.8 million in Q1 2024.
  • Net income in Q1 2026 rose to $107.1 million, above $78.5 million in Q1 2025 and $64.2 million in Q1 2024.
  • Operating income improved to $155.9 million in Q1 2026, reflecting strong underlying profitability.
  • Operating cash flow remained positive at $91.5 million in Q1 2026, showing the business continues to convert earnings into cash.
  • Morningstar ended Q1 2026 with $492.8 million in cash and equivalents plus $39.4 million in short-term investments, giving it a sizable liquidity cushion.
  • The company has continued paying dividends, with Q1 2026 cash dividends per share at $1.00.
  • Gross margin remained strong, with Q1 2026 gross profit of $405.9 million on $644.8 million of revenue.
  • The balance sheet expanded sharply after acquisition activity, with total assets rising to $4.0 billion in Q1 2026 from $3.6 billion in Q3 2025.
  • Goodwill and intangible assets are very large relative to total assets, suggesting the company is now more dependent on acquisition-related value than before.
  • Long-term debt increased to $1.69 billion in Q1 2026 from $848.9 million in Q3 2025, driven by heavy financing activity.
  • Q1 2026 investing cash flow was a large outflow of $384.4 million, including $359.6 million of acquisitions.
  • Share repurchases were substantial, including $300.0 million in Q1 2026, which may pressure cash reserves if sustained alongside acquisition spending.
  • Interest and investment income was negative in Q1 2026, reflecting a $13.8 million drag from the company’s financing/investment structure.
  • Current liabilities remained very high at $1.03 billion in Q1 2026, largely due to deferred revenue and other operating obligations.

From a trend perspective, Morningstar looks like a company with durable operating momentum rather than a high-growth, high-risk story. Revenue has been moving steadily higher across the last several years, and profit growth has generally kept pace. The operating business appears healthy, but the recent step-up in debt and acquisition-related intangibles means investors should pay attention to future integration execution and leverage.

Bottom line: Morningstar appears financially solid, profitable, and cash-generative, but the post-acquisition balance sheet is more leveraged and more reliant on intangible assets than it was a year ago. For long-term investors, the key question is whether recent deal activity will translate into durable earnings growth without stressing the company’s capital structure.

07/31/26 02:38 PM ETAI Generated. May Contain Errors.

Morningstar Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Morningstar's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Morningstar's net income appears to be on an upward trend, with a most recent value of $374.20 million in 2025, rising from $132.80 million in 2015. The previous period was $369.90 million in 2024. See Morningstar's forecast for analyst expectations on what's next for the company.

Morningstar's total operating income in 2025 was $526.60 million, based on the following breakdown:
  • Total Gross Profit: $1.49 billion
  • Total Operating Expenses: $966 million

Over the last 10 years, Morningstar's total revenue changed from $788.80 million in 2015 to $2.45 billion in 2025, a change of 210.0%.

Morningstar's total liabilities were at $2.37 billion at the end of 2025, a 22.7% increase from 2024, and a 509.8% increase since 2015.

In the past 10 years, Morningstar's cash and equivalents has ranged from $207.10 million in 2015 to $502.70 million in 2024, and is currently $474.50 million as of their latest financial filing in 2025.

Over the last 10 years, Morningstar's book value per share changed from 14.48 in 2015 to 29.71 in 2025, a change of 105.2%.


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Financial statements for NASDAQ:MORN last updated on 7/29/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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